London nears fresh fall into bear territory July 7, 2008 The City is bracing itself for possible entry into bear market territory this week, after the FTSE fell 41.7 points to 5434.9 by midday on Friday, and saw the psychologically-important 5,400 level broken in the final hour. With the words “negative”, “topsy-turvy”, and “recession” dominating reports on the market at the end of last week, [...]
Berkeley pays bosses £60m July 7, 2008 Multi-Millionaire property entrepreneur Tony Pidgley and three of his fellow directors at housebuilder Berkeley Group are getting a £60m pay-out, it has emerged. Pidgley and the three other members of the management team will net around 7 per cent of the company, which is valued at around £770m. The pay-outs come at a time when [...]
Merrill eyes Bloomberg sale July 7, 2008 American investment bank Merrill Lynch is in negotiations to sell its 20 per cent stake in financial data and news firm Bloomberg, as it seeks to raise more cash to firm up its balance sheet. Talks with the firm’s founder and New York mayor Michael Bloomberg are still at an early stage, according to those [...]
Stuart Rose faces huge protest vote July 7, 2008 Up to 30 per cent of Marks & Spencer shareholders angry at Rose’s power grab Marks & Spencer is bracing itself for up to a third of its investors to abstain or vote against Sir Stuart Rose’s controversial plans to hold both chairman and chief executive positions at the retailer’s annual general meeting on Wednesday. [...]
M&S readies for investor protest vote July 4, 2008 Four large investors in Marks & Spencers are planning to vote against the retailer’s annual report and accounts at its annual meeting next week over concerns about Sir Stuart Rose’s dual role as executive chairman and chief executive. Three pension schemes – The Universities Superannuation Scheme, Railpen and APG, and the Co-operative Insurance Society, who [...]
Debts boost for Galliford helps shares July 4, 2008 Housebuilder and construction firm Galliford Try surprised the City yesterday, saying it had been able to slash its debt to less than £5m, sending its shares up 14 per cent by the close of trading. The figure fell well below analyst expectations, with predictions that the firm, which operates in the public and private sector, [...]
City rides to the £400m rescue of B&B July 4, 2008 Bradford & Bingley said last night its underwriters and other City institutions will back its £400m fundraising despite a dramatic decision by American private equity firm TPG to walk away from a deal after rating agency Moody’s cut the bank’s credit status. The move comes after Moody’s cut the cash-strapped bank’s rating to Baa1, giving [...]
McFall in oil probe July 4, 2008 Concern over the rising price of oil – which yesterday hit a new record of $146 a barrel – has prompted the powerful Treasury select committee to hold its first ever hearing into the regulation of the oil markets. The committee, which is chaired by Labour MP John McFall, will hold the hearing in mid-July [...]
AstraZeneca victorious in patent battle July 3, 2008 Shares in AstraZeneca, the drugs giant, jumped nearly 5 per cent yesterday after it won a key patent battle in America over Seroquel, its anti-psychotic drug and second-best seller. The decision by a US court to award a summary judgment in AstraZeneca’s favour avoids the need for a full trial and means that generic copies [...]
Rights issue flop knocks housebuilder July 3, 2008 The future of housebuilder Taylor Wimpey was in doubt yesterday as the beleaguered group failed to raise £500m of capital from investors, causing the value of the company to halve. Britain’s largest builder issued an intensely gloomy statement, saying it was slashing 900 jobs, it was not buying any more land, and admitted it was [...]